Aviva Singlife appoints group CIO after merger
Aviva Singlife, the newly merged entity of insurer Aviva Singapore and digital insurance firm Singlife, has appointed Kim Rosenkilde as its group chief investment officer.
In his new role, which was effective on April 8, Rosenkilde will lead the firm’s investment management activities and the integration of processes following its creation from a S$3.2 billion ($2.38 billion) merger – one of the region’s biggest deals of 2020. He will be responsible for investing Aviva Singapore's portfolio of assets that stood at S$11.8 billion as of December 2019, the latest figure available on Aviva's website.
The consolidation between Aviva and Singlife was announced in September last year and completed in November. However, the two companies will operate as independent legal entities until the scheme of transfer is approved by the Singapore courts and completed, likely before the end of the year.
Prior to his new role, Rosenkilde was an adviser to Singlife on its investment and risk management strategy. He had previously been the chief executive for Asia at ABN Amro, also based in Singapore. He has also held senior executive roles at Deutsche Bank and Merrill Lynch.
Singlife was founded in 2014 and licensed by the Monetary Authority of Singapore in 2017. In 2019, the fintech company made the news for tripling revenue from $54 million in 2018 to $171 million.
Before the merger with Aviva, it drew interest from several financial institutions, namely Sumitomo Life Insurance, which took a 25% stake for $90 million, Aberdeen Standard Investments which injected $13 million into the firm, and US insurance firm Aflac which also took a stake for US$20 million.
In 2018, Singlife acquired the business portfolio of Zurich Life Singapore, the local arm of the swiss insurance group.
Aviva Singlife declined to comment to questions over any previous chief investment officers at Aviva Singapore or its future investment plans.